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Fahmi's UAE mission attracts RM600 mil potential investments | Scoop
Communications Minister Fahmi Fadzil (second from right), during his visit to the UAE, witnessed the presentation of eight memoranda of understanding between Malaysia, Dubai, and Middle Eastern companies. – Fahmi Fadzil Facebook pic, October 19, 2023
News

Fahmi’s UAE mission attracts RM600 mil potential investments

His working visit also draws RM283 mil export opportunities

Bernama
Updated
4:12 PM MYT

 

DUBAI – Communications and Digital Minister Fahmi Fadzil’s four-day official visit, through the Malaysia Digital Economy Corporation (MDEC), to the United Arab Emirates (UAE), has attracted estimated potential investments of RM600 million and export opportunities worth over RM283 million. 

Fahmi said the potential investments were the outcome of eight memoranda of understanding exchanges between Malaysia, Dubai, and Middle Eastern companies, a meeting with Damac Group chairman Hussain Sajwani, and the participation of 12 Malaysian tech companies.

The mission coincided with the Gulf Information Technology Exhibition (Gitex Global 2023) and the Expand North Star (ENS) events.

“These are very encouraging figures.” We can definitely see the strengthening relationship and benefits gained between the UAE and Malaysia, as well as the opportunity for Malaysia to bring our companies, products, and services to the rest of the world, particularly to the Gulf Cooperation Council countries,” he said in a wrap-up interview following his official visit here.

During his mission to the UAE, Fahmi also met Hussain, who is also founder of Damac Group, a leading conglomerate in the UAE, in Dubai and discussed investing in several strategic sectors, including the establishment of a data centre in Malaysia.

“I hope this investment can potentially be even larger, and we are giving a little bit of time to iron out some details, but I am very happy and pleased with the outcome of this visit,” he said, adding that the ministry will have to wait a few weeks for more details on the investments.

As of August 2023, Malaysia has successfully gained foreign direct investment commitments worth RM37.4 billion.

In a separate statement, MDEC said the success represents a strong validation of Malaysia’s growing digital capabilities as well as unwavering investor confidence in the robust framework provided by Malaysia Digital (MD). 

MD is a national strategic initiative aimed at driving accelerated growth of the digital economy and generating opportunities for Malaysians, aligned with the Madani Economy and the New Industrial Master Plan 2030. 

A total of 12 high-tech Malaysian companies participated in Gitex Global 2023 and ENS, which also aimed at establishing a platform to foster international collaborations, on top of providing participants with the opportunity to engage, expand reach, and showcase the best digital solutions, products, and services.

Gitex Global has also announced its global expansion, with the world’s first Gitex Europe set to take place from May 21 to 23, 2025, in Berlin, Germany. – October 19, 2023

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